The objective of this study is to show that zaleplon given in an outpatient setting to elderly patients is an effective sedative-hypnotic with an acceptable safety profile. This is a Phase III, 14-day, multicenter, double-blind, placebo-controlled, parallel-group, safety, tolerance, and efficacy study with a 6-month open label phase. The primary efficacy variable is Time to Sleep Onset. Secondary efficacy variables are Total Sleep Time, Number of Awakenings, Sleep Quality and Number and Duration of Naps as collected on patient questionnaires.